Social Responsibility of Business and Business Ethics PDF
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Summary
This chapter discusses the concept and importance of social responsibility in business. It examines the need for businesses to consider the wider public interest and the obligations to not infringe on the legitimate rights of others. It also touches on definitions and examples of business social responsibility.
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12 social Respons ibility of Busines s and Busines s Ethics LEARNING OBJECTIVES After studying this chapter, you should understand: 12.1 Concept of Social Responsibility_..,,,. 12.2 Need for Social Responsibility _,,-, 12.3 Respon...
12 social Respons ibility of Busines s and Busines s Ethics LEARNING OBJECTIVES After studying this chapter, you should understand: 12.1 Concept of Social Responsibility_..,,,. 12.2 Need for Social Responsibility _,,-, 12.3 Responibilities towards Different Interest Groups ~ 1 12.4 Business and Envrionmental Protection _,,,,.,,,,. 12.S Concept and Importance of Business Ethics _,,,,;' 12.6 Elements of Business Ethics It bas been mentioned earlier that in addition to earning profits, a business must render service to society. Like any other individual or institution, a business enterprise too has some obligations towards society. The social obligations of business may be defined as the personal obligations of businessmen to ensure that they do not impinge upon the legitimate rights of others while acting in their own interest. Businessmen must review the effects of their decisions and actions on other sections of society and must ensure that these sections are not adversely affected... 12.1 CONCEPT OF SOCIAL RESPONSIBILl1Y ~ ial responsibility of business implies that businessmen must consider wider public interest while taking decisions and actions relating to business. They should recognise and understand the aspirations of the society in which they carry on their business. They should work not merely for profits, but should attempt to fulfil the legitimate demands of all those interest groups that have a stake in the business. Defin itio n s of Social Responsibility of Business "Social responsibility refers to the obligations (of businessmen) Jo pursue those policies to make those decisions or to follow those lines of action which are desirable in terms of the objecti ves and values of our society. " llo wartl R IImt·,,n "Social responsibility of business implies that the businessmen s decisions and actions are taken for reasons at least partially beyond the firms direct economic or technical interest. " A ,j,.'i D,. !';, 255 l_~C ~O_MM~~~ OR C , 256 - -. te/ligenl and,obyectlve · · cone--------~~~ ', ~1... ~ mean the m b h. er17 Jo "· '.. Ry soda/ respons1bd1ty w~ , d'vidual and corporate e avwurfrorn li/r ,. the " 'f.'lfare o(.mcietv tl>at restrains 111 ,'.w immediately profitable, and lead t~Qfe/,, atter 1o · · I s ltz., dest m ctive activities, '10 " 1. uman betterment, varzous Y as the fat the 1 directinn ~f positive conIr 1·butions to , r.r 1,e11ue11z R. te,. tnCly 1111 he defined... a/ responsibilities implies reco{h,,..
